"Crude Slumps As Active Oil Rigs Rise For Second Week In A Row"

We don't put a lot of stock in the Friday moves when the rig count comes out but in this case we may be seeing a reversal of the long established downtrend. The number of active rigs is really low.
From Barron's Focus on Funds:

So much for $50 a barrel.


Crude took a leg lower in early afternoon trading after a weekly
reading on the number of active U.S. oil rigs increased. Oilfield
services